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5 Sneaky Health Costs That Are Breaking Your Budget

Healthcare costs are going nowhere but up these days. Here are some of the lesser-known ways your money might be at risk, and how to prevent the pitfalls of overspending.

How to Keep Your Body and Your Finances Healthy

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Healthcare costs are going nowhere but up these days, and a common misconception is that there’s nothing you can do about it. On the contrary, you can save money on medical costs large and small – or at least make sure they don’t surprise you. Here are some of the lesser-known ways your money might be at risk, and how to prevent the pitfalls of overspending.

Full-Priced Prescriptions

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There are certain things you should never, ever pay full price for, and prescription medications are high on that list. That’s because there are many ways to save on prescriptions, no matter how expensive they are. One thing you shouldn’t do? Fill your scripts at your local grocery or drug store just because it’s convenient – always check around first.

While the doctor is writing your prescription, ask if there’s a generic version of the drug; despite what you may have heard, generic drugs are just as safe and effective but cost up to 85 percent less than branded drugs. If you’re a regular prescription user, consider getting a free drug discount card – there are tons of options to choose from. Finally, scour the Internet for coupons for your particular drug before picking it up – you can usually find one right on the manufacturer’s website.

Hospital Imaging Centers

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When you need an imaging test like an MRI, X-ray, or ultrasound, your referring doctor will often write orders and set you up with a specific facility. When that doctor has privileges at a hospital or medical center with an imaging facility, you can bet he will refer you to that one. The problem is that imaging is expensive on its own, and hospital bills tend to be higher than those from independent, imaging-focused centers. The cost difference may surprise you: Some facilities charge a full 10 times what others do for diagnostics like ultrasounds.

Instead of letting the doctor’s office set you up with a facility of its choosing, next time ask for a written referral and take on the task yourself. Check in your area for independent imaging centers, and ask for prices upfront before scheduling. If you do not find one in your area, use a price comparison tool online to see which hospital has the cheapest rates. Don’t make the mistake of shrugging this off because it sounds like too much work — the price difference could be thousands.

Billing Errors

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Whenever you go to the hospital or even a regular doctor’s visit, you run the risk of being overcharged due to billing errors. Mistakes are quite common in medical billing, given the complexity of the fee-for-service system and its thousands of individual codes. The longer your stay and the more tests you have, the higher your chances of receiving a bill with errors. This could cost you in two ways: You could end up with a higher bill, or your insurance company could deny coverage, depending on the error.

To avoid the billing-error trap, make sure you ask the hospital or medical provider to send you a detailed, itemized medical bill, rather than just a summary of charges. You’re entitled to it but might have to ask the billing department directly. Then you can check the bill for errors yourself, using a guide like this one to help you.

Medicine Cabinet Items

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What’s sneaky about the things in your medicine cabinet is that they’re rarely accounted for in your budget. Little things like bandages, over-the-counter drugs, and vitamins are easily overlooked, but “quick trips” to grab several things costing $5 to $15 each slowly adds up to a much larger number. Whether you’re including these things in your grocery or healthcare budget, make sure you account for them when working out your monthly finances.

Skipping Preventive Care

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Keeping your finances healthy is both about the present and the future: You’re doing maintenance now so you have more freedom later. Keeping your body healthy is the same: You keep yourself in good health not only because it feels good now, but also because it means you’ll feel good long into the future. You’ll live longer and stay stronger as you age, and while that includes feeling better, it also includes avoiding a lot of medical care down the road and the hefty bills that come with it. To catch potential problems in early stages so you can avoid huge medical bills later, do your part by eating right, exercising, and getting your regular vision, dental, and physical checkups.